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The Australian recorded music industry has achieved its fastest growth in over 20 years, thanks to the continued growth of streaming services.

ARIA (the Australian Recording Industry Association) today announced a 10.5 per cent increase in the value of Australia’s recorded music industry in 2017 — a $391 million increase, which is the largest since 1996.

2017 was the first year in which revenue from streaming services — which now includes non-subscription services like YouTube and Vevo — made up more than half of the overall market, accounting for 54 per cent of overall revenue at $213 million.

Meanwhile, physical music continues to decrease in revenue, accounting for 25 per cent of the market in 2017. Vinyl albums, however, have increased their revenue for the seventh consecutive year, up 19 per cent in 2017.

“Although our industry is now on a pathway to recovery, it is absolutely critical that Australia retains a strong copyright framework to ensure that artists and labels can protect their work and earn their fair share in the growing digital market,” he says.

Meanwhile, ARIA CEO Dan Rosen says the growth seen in 2017 “is a wonderful story of resilience, hard work and innovation”.

“Music fans today can access their favourite artists across a multitude of formats from vinyl in their local record store to streaming services on their phones and smart speakers,” he says.

“Our business will continue to evolve, and we must remain vigilant to ensure that the growth is sustainable in an increasingly global and digital marketplace.”